Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>Sales increased by JPY16.4bn due to Iwatsu Electric's acquisition, while operating profit declined by JPY964mn.</li><li>Achievement toward full-year forecast reached 97.3% for sales, 84.7% for operating profit, and 79.6% for recurring profit.</li><li>Sales and profit in the Security Equipment segment increased YoY, driven by large orders and strong replacement contracts.</li></ul>

Sales increased by JPY16.4bn due to Iwatsu Electric's acquisition, while operating profit declined by JPY964mn.Achievement toward full-year forecast reached 97.3% for sales, 84.7% for operating profit, and 79.6% for recurring profit.Sales and profit in the Security Equipment segment increased YoY, driven by large orders and strong replacement contracts.

Ai Holdings (3076 JP): Full-year FY06/25 flash update

<ul><li>Sales increased 34.0% YoY to JPY50.6bn, driven by Iwatsu Electric's acquisition and growth in Security Equipment.</li><li>Operating profit decreased 5.0% YoY to JPY7.4bn, impacted by weaker performance in the Information Equipment Business.</li><li>Net income rose 20.5% YoY to JPY17.3bn, mainly due to JPY14.7bn extraordinary gain from negative goodwill.</li></ul>

Sales increased 34.0% YoY to JPY50.6bn, driven by Iwatsu Electric's acquisition and growth in Security Equipment.Operating profit decreased 5.0% YoY to JPY7.4bn, impacted by weaker performance in the Information Equipment Business.Net income rose 20.5% YoY to JPY17.3bn, mainly due to JPY14.7bn extraordinary gain from negative goodwill.

Ai Holdings (3076 JP): Q3 FY06/24 flash update

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Calbee: Profitability pressured by rising input costs, but valuation is attractive at 11x EBIT vs sector 14x, leaving it exposed to potential M&amp;A interest.</li>
<li>Eiken: Strategic shareholders near 30% with governance changes underway; growth steady, but trajectory points toward a likely management buyout.</li>
<li>Pacific Industrial &amp; AI Holdings: Pacific reflects Japan’s activist-driven MBO scrutiny, while AI stands out as a rare compounding “buy and build” platform with activist backing.</li>
</ul>


Calbee: Profitability pressured by rising input costs, but valuation is attractive at 11x EBIT vs sector 14x, leaving it exposed to potential M&amp;A interest.
Eiken: Strategic shareholders near 30% with governance changes underway; growth steady, but trajectory points toward a likely management buyout.
Pacific Industrial &amp; AI Holdings: Pacific reflects Japan’s activist-driven MBO scrutiny, while AI stands out as a rare compounding “buy and build” platform with activist backing.


Japan Activist Briefs | Calbee, Eiken, Pacific Industrial, AI Holdings

<ul><li>Sales decreased by 6.3% YoY, with operating profit down 24.4% and recurring profit down 55.5% YoY.</li><li>Net income attributable to owners increased 470.0% YoY due to a gain on negative goodwill from Iwatsu Electric acquisition.</li><li>Segment sales varied: Design increased 11.7% YoY, while Others decreased 12.5% YoY with profit down 55.9%.</li></ul>

Sales decreased by 6.3% YoY, with operating profit down 24.4% and recurring profit down 55.5% YoY.Net income attributable to owners increased 470.0% YoY due to a gain on negative goodwill from Iwatsu Electric acquisition.Segment sales varied: Design increased 11.7% YoY, while Others decreased 12.5% YoY with profit down 55.9%.

Ai Holdings (3076 JP): Q1 FY06/25 flash update

<ul><li>Sales increased by 7.4% YoY to JPY49.8bn, with operating profit up 4.4% YoY to JPY9.9bn.</li><li>Recurring profit rose 88.8% YoY to JPY19.9bn, driven by a JPY9.4bn equity method investment gain from Iwatsu Electric.</li><li>FY06/25 forecasts include sales of JPY68.0bn (+36.5% YoY) and operating profit of JPY10.5bn (+6.6% YoY).</li></ul>

Sales increased by 7.4% YoY to JPY49.8bn, with operating profit up 4.4% YoY to JPY9.9bn.Recurring profit rose 88.8% YoY to JPY19.9bn, driven by a JPY9.4bn equity method investment gain from Iwatsu Electric.FY06/25 forecasts include sales of JPY68.0bn (+36.5% YoY) and operating profit of JPY10.5bn (+6.6% YoY).

Ai Holdings (3076 JP): Full-year FY06/24 flash update

Japan

Ai Holdings Corporation is a holding company, which was established through reorganization. The Company manufactures and sells information industry related equipment. Ai Holdings' products include personal computers, office server systems, office automation systems, mailing systems, and security systems. Ai Holdings also designs, develops, and sells software.

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Ai Holdings (3076 JP)